It was at a dinner reception on 14 July at the Palazzo Versace in Dubai where Tony Elumelu heralded the start of a new chapter for United Bank of Africa (UBA) with the official opening of a new branch at the Dubai International Financial Centre.
What have two terms of ’Buharinomics’ brought to Nigeria? The government of Buhari, in office since 2015, has based much of its economic policy on state interventions in the market; be it in rice production, infrastructure or access to foreign exchange. It has delivered mixed results.
The government says its plan for national self-sufficiency in rice production – closing the country’s land borders to fight smuggling and blocking US dollar access for its import – is yielding positive results. In January, Buhari unveiled a pyramid made up of 1.2 million bags of rice in the country’s capital, Abuja, declaring that Nigeria had doubled its paddy rice production to 9m tonnes per annum since 2015.